The future of payments was unveiled today at the Money 20/20 conference in Las Vegas, as two titans of the financial services industry took to the stage to reveal the results of their collaboration – the world’s first crypto-backed credit card, which will be usable at any point of sale where Mastercard payments are accepted. Nexo and Mastercard Launch World First Crypto-Backed Payment Card
New Launches – Cryptocurrency
Table of Contents
If you have ever wondered how to get money out of cryptocurrency then a crypto backed card is a way to do so. The world’s first crypto backed credit card was launched on Thursday by Nexo, an online crypto lender, which offers instant cashouts against cryptocurrencies. The company in partnership with U.S payment giant MasterCard will be launching its ‘Nexo Card’ next week which will allow users to spend money directly from their cryptocurrency holdings in over 40 million locations globally.
New Launches – Payment Cards
Nexo, a cryptocurrency-backed lending platform, has partnered with Mastercard to introduce a world first: a crypto-backed payment card. The new card will be powered by NEXO Tokens, which allows instant access to cash withdrawal at ATMs around the world with up to 8% interest rate on funds loaned out. This partnership comes shortly after Nexo completed its Initial Coin Offering (ICO) raising over USD 160 million for its lending platform, which offers loans backed by blockchain assets as collateral.
New Launches – Banking
After successful testing of its crypto-backed loans, which ran for a month between May 4th to June 4th, Nexo has announced a new partnership with Mastercard. The company’s new payment card will allow users to spend their crypto assets at any point of sale or ATM that accepts Mastercard. This is thought to be a world first as there are currently no available cards on market supporting crypto payments.
World First!
The financial services company is rolling out a new crypto-backed payment card that will allow cardholders to spend their cryptocurrency balances anywhere that accepts Mastercard. The product, called Nexo Knights Metal, will also allow holders to receive instant cash in more than 100 currencies by using their existing cryptocurrency balance as collateral against an instant loan. The world’s first credit line secured by cryptoassets is being launched by Nexo, a blockchain company based in Vienna, Austria.
Introducing The Nexo Mastercard
This new innovation will make it possible for people to use their cryptocurrency assets to buy goods. This is a world first, in that no other cryptocurrency has an associated payment card – until now. The Nexo Card is linked directly to your Nexo Wallet and you can use it just like any other debit or credit card. You can also withdraw cash from ATMs with your Nexo Card by spending your crypto as if it were cash. For example, if you have $50 of Bitcoin in your wallet, you can spend that $50 at any store or online retailer who accepts Visa cards. That’s right: The Nexo Card lets you pay with Bitcoin anywhere Visa is accepted!
Leveraging The Power Of Blockchain And Technology To Improve Lives
Nexo, a global FinTech organization operating over 40 licenses in eight jurisdictions around the world, has joined forces with MasterCard® to create a new payment card that will allow holders to spend their digital assets and cryptocurrencies at more than 39 million merchants worldwide. The Nexo Card is set to revolutionize crypto by enabling real-world spending for cryptocurrencies.
I removed my attached credit card from my blockchain and now I’M unable to attach it back
After launching as a crypto-backed lending platform for cryptocurrency holders, Nexo has entered into a partnership with MasterCard to offer an instant cryptocurrency credit card. You can now use your crypto assets as collateral to receive fiat cash advances on your credit card without selling your crypto assets.